Risk vs. Reward: Getting a Buyer Inspection During the Option Period

When it comes to buying a home, it is sad to see how many people complete the transaction without a proper home inspection. The small fee paid for this service far outweighs the risks of not having one done. It can literally save you thousands (or even hundreds of thousands) in costs after you have made your purchase.

The simple fact is that not every home is what it appears to be. Just because the home looks clean and well kept, doesn’t necessarily mean that there aren’t problems with it. There are many types of issues that may arise if you avoid the added expense of a buyer inspection. Even if you’re buying a new home or a condo – you should still get it inspected!

After you have negotiated the terms of your purchase, it is highly suggested that you have the buyer inspection done.

Most states have what is called an option period, that allows you time to do this. During the option period you still have the option of backing out of the contract, or renegotiating to allow for repairs. The buyer is locked into the terms of the contract, but should any issues arise you aren’t. This is the right time to have a buyer inspection completed.

The inspection should be done by a licensed real estate inspector. They will look through the house, find its flaws (even the cosmetic ones), and let you know about them before you put your money on the line. There are also optional inspections such as termite inspections, and septic inspections that should also be done if it applies to the area (or the home).

~ Some of the items the inspector will look at with a standard inspection include:

~ The roof structure, covering, and the attic

~ Walls, ceiling, floors, and windows.

~ Electrical system

~ Plumbing system

~ Additions (such as porches, decks, garages, or carports)

~ Heating and air-conditioning systems

~ Fireplaces and Chimneys (if applicable)

~ Grading and drainage of the property

~ Other items specific to the home or area
When the inspection is complete you will receive a report stating the condition of almost all aspects of the property. The report will also include a list of required repairs. In most cases you first receive a summary report of all items that were found on the day of the inspection. Good inspectors will also supply a comprehensive report through fax or email on the night of (or the day after).

The cost of the home inspection starts around $250 for an average home, and increases for larger properties. This price pales in comparison to what you may have to spend if you skip this important step. You don’t want to end up footing the bill for replacement of a plumbing or electrical system, just because you wanted to save a couple hundred dollars.

Maybe you are buying a new home or a condo, and don’t feel the cost is necessary. Even in these cases you should pay to have a proper inspection completed. As a condo owner you may end up partially responsible for repair costs to the building itself. With the new home you don’t want to just take a builders word, or rely on new home warranty. Other issues may arise that fall outside of the warranty.

Whatever type of real estate transaction you are completing, it is our suggestion that you take the steps to protect yourself. A proper inspection during the option phase may save you much frustration, and a big bill!

Austin Referral Realty is a group of Austin Real Estate Agents representing home buyers and home sellers in Central Texas. Search Austin homes for sale listed through the Austin MLS.